Top black line is the major resistance line. If yields break this, the US is majorly fucked and signals an end to "cheap money" at a time with debts and unfunded liabilities at all time highs.
Yellow line is the support line of the 37+ year channel going back to the early 1980s.
Red line is the more recent resistance line which began in June 2007 at the eve of ...

Target: 1260.00.
Risk: 1238.50
Technical reasons:
Gold price move within intraday ascending channel pushed to breach 1238.50 again, and it faces important resistance now at 1250.00.
Surpassing this resistance will push to 1260.00, while breaking 1238.50 will press the price to turn to decline.

I know that the pattern is not completed yet but I suppose that the engulfing will develope further this week as we have retraced the former decline from 24448 and strted another drop afterwards. This should result in a further fall finally.

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A contract for difference (CFD) is a derivative product that derives its value from the performance of an underlying instrument such as Gold, a Stock Index, a Currency Index or a Government Bond. It is a contract to pay or receive the difference between the current price of an underlying instrument and the price when the contract is liquidated. This allows traders to take advantage of price movements. CFDs can be used to either speculate and try to profit from price movements or to hedge an exposure to certain instruments by mitigating the risk of price movements.

CFDs are popular with retail traders and are typically not held for a long time. They are similar to futures, but there are differences, for example they don't have an expiration date or a set future price, they have less regulation, the minimal amount of the underlying asset you need to trade is less and CFDs are traded through brokers, not through large exchanges. These brokers are paid via a spread and most offer products in all major markets worldwide.